Problem: Project Managing Process
Overview
With the communication issues stabilized, the focus turns to project performance measurement and closure. Present a discussion on metrics used to assess project performance. Three commonly used metrics are schedule variance (SV), cost variance (CV), and cost performance index (CPI). The sponsor is not familiar with how these metrics work and has asked for a demonstration of how they are used. The sponsor has presented a scenario and is requesting you to conduct a demonstration using fictitious data to access the results given the following situation.
Task
• On day 51, a project has an earned value of $600, an actual cost of $650, and a planned cost of $540. Compute the SV, CV, and CPI for the project. Present your results and explain them.
• Next, the project sponsor wants to be assured that the project will be closed in accordance with best practices. Research what the Project Management Body of Knowledge (PMBOK) says about closing projects and briefly discuss.
The response must include a reference list. Using Times New Roman 12 pnt font, double-space, one-inch margins, and APA style of writing and citations.